In half year results released by Co-operative Bank Kenya, the financial institution recorded a 4% increase in its net profit, bringing it to a total of 7.5 billion Kenyan Shillings, which is higher than the 7.1 billion Kenyan Shillings reported during the same period in 2018. Co-operative Bank’s growth was to a very large extent, as a result of an increase in the revenues from both non-interest and interest sources. The total interest income in the 6 month period was 20.4 billion Kenyan Shillings which had a slight increase of 200 million Kenyan Shillings, making it higher than the 20.2…
Author: Tobey
From Monday the 26th of August 2019, users of Uber X will experience up to a 29 percent increase in ride charges. In a notice sent to its partners and drivers on Tuesday the 20th of August 2019 the company stated that, “From Monday, 26 August 2019, Uber will be introducing changes to Uber ChapChap and UberX. These changes have been informed by your continued feedback and many months of thorough reviews on the growth and sustainability of your earnings opportunity.” Uber’s increment of its prices, is coming just weeks after its biggest rival, Bolt (formerly known as Taxify), removed…
MultiChoice owned Sub-Saharan African direct broadcast satellite service; DStv, has announced a fresh slash in its subscription prices as its latest attempt to gain an advantage in the ever increasing competition for pay-TV customers from new Internet-based streaming services which have entered into the Kenyan Market. DStv, which began its operations in Kenya in 1995, made it known via a notice to subscribers, that it would slash its monthly payments by between 5 and 30 percent, from the 1st of September 2019. The move by the direct broadcast satellite service, is seen as its latest effort to protect its customer…
During the first 6 months of 2019, Equity Bank’s share of diaspora payments grew by 28% to 66.6 billion Kenyan Shillings from 52.2 billion Kenyan Shillings. News from Business Daily revealed that Equity Bank received more than 50% of all of Kenya’s diaspora remittances as a result of its fintech capabilities, which led to a significant increase in its remittances market share. The bank has projected more growth in 2019, in the remittances market. Diaspora commissions grew to 398 million Kenyan Shillings during the same 6 month period from 383 million Kenyan Shillings which was recorded during a similar period…
Pan-African banking conglomerate; Ecobank, has partnered with Visa to launch a digital quick response platform which equip boda boda riders with the ability to receive payments from electronic cards which are Visa enabled, as well as mobile apps for free. According to Business Daily Africa, the new product will not be restricted to smartphones alone. It is expected to help Boda Boda riders to cultivate the habit a of saving. While the motorcycle or Boda Boda sector is arguably the biggest employer of youths in Kenya, many of the riders with the sector, do not have bank accounts. With the…
A legal notice which released to the public on Friday the 16th of August 2019, revealed that the Treasury has exempted Commercial Bank of Africa (CBA) and NIC Bank from paying share transfer taxes which will occur after the merger between the two financial institutions. The merger deal will see Commercial Bank of Africa (CBA)’s shareholders owning 53 percent while NIC Bank’s shareholders will own 47 percent of the newly formed entity. In the notice which is dated 26th of June 2019, the former Cabinet Secretary in charge of National Treasury Henry Rotich stated that,” The Cabinet Secretary for the…
According to reports by Business Daily, Supermarket powerhouse Chandarana Foodplus, is set to have a higher wage bill. This is a result of the signing of a fresh two year Collective Bargaining Agreement (CBA) whose first phase will see more than a thousand of its unionisable staff receive a pay increase of 8 percent. The pay deal was signed on Wednesday the 14th Of August 2019, between Chandarana Supermarket Limited, the Federation of Kenya Employers and the Kenya Union of Commercial Food and Allied Workers. The Collective Bargaining Agreement (CBA) which was co-signed by the Managing Director of Chandarana Dipan…
The ICT ministry of Kenya is now in the final stages of developing a framework which will be used to tax foreign online media streaming services such as Netflix and YouTube. As a result, all Over The Top (OTT) services will soon be required to declare the income that they from their Kenyan consumers. Over The Top (OTT) services include all applications which offer messaging and voice services via the internet. The Director General of the Communications Authority (CA); Francis Wangusi stated that online content providers exploit the Kenyan industry while neither the government nor artistes benefit from them. Mr.…
A warning against dealing with unlicensed and unregulated online forex brokers has been issued by the Central Bank of Kenya via a notice in the daily newspapers. The Central Bank, encouraged Kenyans to verify the trading license of forex dealers on either the Central Bank Of Kenya (CBK) website, or the Capital Markets Authority of Kenya (CMA) website, citing that the unlicensed brokers lack adequate consumer protection and safeguards against money laundering. The Central Bank of Kenya (CBK), stated that citizens should forward complaints regarding unlicensed forex platforms to its Banking Fraud Investigation Department. Foreign brokerages with operating in Kenya,…
Kenya Commercial Bank (KCB) has recorded a 5% increase in net profit from 12.1 billion Kenyan Shillings in the first half of 2018, to 12.7 billion Kenyan Shillings in the first half of 2019. The jump is attributed to a 5% rise in net interest income, as well as a 15% increase in non funded income. The figure, which was released on the 15th Of August 2019, puts the Kenya Commercial Bank (KCB) ahead of its closest competitor; Equity Group which recorded a net profit of 11.92 billion Kenyan Shillings in the same period. Following the announcement, the board for…
A petroleum multinational owned by the Chinese has secured the deal to buy Kenya’s very first crude oil export of 200,000 barrels which is scheduled for shipment from Mombasa, next month. According to Business Daily Africa, this deal will give the World Power, an upper hand with regards to negotiations when the country moves to the commercial production of the commodity. On Thursday the 15th Of August 2019, the Petroleum Principal Secretary Andrew Kamau revealed that ChemChina (UK) Limited had won the bid to lift the Turkana oil, in what would begin Kenya’s entry into the league of oil exporting…
According to reports by Business Daily Africa and Techweez the Kenya Revenue Authority (KRA) has put its focus on developers of digital applications (apps) which generate income. This is part of the tax collector’s plans to ensure online businesses pay tax as well. Due to the fact that online businesses do not have physical addresses or legal structures in most of the jurisdictions where they operate, it has been rather easy to escape tax payments as well as the counties which issue business permits. Based on an announcement by the tax collector on Wednesday the 15th Of August 2019, app…
According to reports by various news outlets, Kenya’s next census will begin at the end of the month of August 2019 from the night of the 24th of August, until the 31st of August. The acting Cabinet Secretary for the National Treasury Ukur Yatani, made it known that the census will be conducted electronically unlike what was the case in the past where it was done manually. Due to this, the final outcome of the census will be announced within three months of the operation. While speaking during a media briefing, the Cabinet Secretary also assured Kenyans of their safety…
In a move to ensure safety and protect oil dealers, the fine for the illegal refining of gas cylinders, has been increased more than tenfold to a minimum of 10 million Kenyan Shillings. The new regulations put before the Kenyan Parliament, is an upgrade of the 2009 rules which provided a penalty of not more than 1 million Kenyan Shillings or a jail term of less than one year. The rules also include a 10 million Kenyan Shillings for individuals discharging bulk gas in a location which lacks regulatory approval. The rules in addition, cap the amount of gas cylinders…
